INSURANCE NEWS
People Moves: Guy Carpenter Promotes Hakes as Global Head of Marine, Energy, and Technical Lines; Moody’s Names Aquino as Global Co-Head of Insurance
This edition of International People Moves details appointments at Guy Carpenter and Moody’s Ratings. A summary of these new hires follows here. Guy Carpenter Promotes Hakes as Global Head of Marine, Energy, and Technical Lines Guy Carpenter, the reinsurance brokerage …
Insurance Supervisors’ Group Seeks Collaboration to Cover Disaster Losses
Collaboration between the public and private sectors, beyond just insurance, is essential to narrowing the so-called protection gap, as losses from natural disasters increase, said the head of a global insurance supervisors’ organization. The protection gap refers to the difference …
Trade Credit Specialist Coface Gets Nod From Lloyd’s to Launch Syndicate
Coface, the Paris-based trade credit risk management specialist, announced it has received an “in principle approval” from Lloyd’s to launch a short-term trade credit syndicate. The syndicate – Coface Lloyd’s Syndicate 2546 – is expected to commence underwriting in 2025 …
Trump Administration Sued by States for Cutting Disaster Prevention Grants
A group of 20 mostly Democrat-led U.S. states filed a lawsuit on Wednesday seeking to block the Trump administration from terminating a multibillion-dollar grant program that funds infrastructure upgrades to protect against natural disasters. The lawsuit filed in Boston federal …
People Moves: Society Insurance Names Felton to Board of Directors
Society Insurance, headquartered in Fond du Lac, Wisconsin, elected Chris Felton of Burlington, Wisconsin, as a director Felton is president and chief executive officer of Corporate Central Credit Union, leading strategy, innovation and operations. In addition to Felton, Society’s board …
Aon Promotes Reinsurance Leaders as John Neal Takes a New Direction With AIG
Insurance broker Aon announced the promotions of Alfonso Valera as CEO of International for Reinsurance, responsible for UK, EMEA and APAC, and Steve Hofmann as CEO of Americas for Reinsurance, responsible for North America and Latin America. In addition, George …
Progressive Q2 Income More Than Doubles
Second quarter net income at Progressive Corp. increased 118% compared to the same period a year ago to about $3.2 billion. Progressive reports results monthly. Net income for June was up 40% to $1.1 billion. Year-to-date net income as of …
Venbrook Launches Habitational Product for California Condos, Townhomes
Venbrook Group has entered a strategic alliance with DB Insurance to bring a specialty coverage option for multi-unit residential properties in California. The product is tailored for condominium and townhome homeowners association policies. It is the first offering from the …
The Hartford Promotes Chhabra to Chief Risk Officer
The Hartford said it is promoting Prateek Chhabra to chief risk officer, succeeding Robert Paiano who will retire from the company at the end of the year. Chhabra, who since 2018 has held the role of senior vice president and …
Former Lloyd’s CEO Neal to Lead General Insurance as President at AIG
American International Group (AIG) said today that former Lloyd’s CEO John Neal is joining as president, effective December 1. Neal, who at the start of 2025 was named CEO of reinsurance at Aon, will lead AIG’s General Insurance—North America and …
Strong Argument for Cameras Emerges in Jet Crash Probes, IATA Chief Says
The installation of cockpit cameras would greatly help aviation safety authorities investigating accidents like the recent fatal Air India crash, according to the head of the International Air Transport Association. “On a personal basis, I can see that there is …
Global Insured Losses From Natural Cats Hit $100B in H1, Driven by US Wildfires, SCS
Global insured losses during the first half of this year were at least $100 billion with more than 90% of that total – or approximately $92 billion – driven by wildfires and severe convective storms in the U.S., according to …